PDD is among the tech giants that have been pledging current and future corporate profits to invest in philanthropy projects amid President Xi’s campaign to close China’s wealth gap. It said last month it would allocate $1.5 billion in earnings to help the development of agriculture in the country. Before that, Huang and PDD’s founding team also gave $2.4 billion in the company’s shares to a charitable trust last year.

Of the 10 billionaires with the biggest net worth declines this year, six are from China, according to the Bloomberg index. They include Zhong Shanshan, the chairman of bottled water company Nongfu Spring Co., who has lost $18 billion, Hui of the besieged developer Evergrande, and Tencent’s Pony Ma, whose fortune has dropped by more than $10 billion

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